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getagrip_already

(14,250 posts)
Mon Apr 13, 2020, 10:08 AM Apr 2020

email from Jim McGovern (D-MA) - 138%

I love my congressman........



The COVID-19 pandemic is illuminating some of the failings of our society. The economic impact that a pandemic of this scale has on families, small businesses, and individuals just starting their careers is complex and hugely detrimental to our nation as a whole.

Income inequality in America is among the worst in the developed world. Since 1979, the wages of the top 1% grew 138%, while wages of the bottom 90% grew just 15%.

And inequality will get much worse because the incomes of already-wealthy Americans' are currently growing faster than those of the middle class. This system cannot continue, especially if we want our country to recover quickly and effectively from the impacts of COVID-19.

Sign the petition and demand my colleagues in Congress take action to reduce income inequality. https://action.jimmcgovern.com/page/m/43b939d/15c04612/5c63338f/3b5fb9b9/758527000/VEsF/?g=Lv-GGlNw52hdHD774RsG4pA

JIm

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email from Jim McGovern (D-MA) - 138% (Original Post) getagrip_already Apr 2020 OP
The 1% only saw a 138% wage growth over 40 years? intheflow Apr 2020 #1
I suspect... getagrip_already Apr 2020 #2

getagrip_already

(14,250 posts)
2. I suspect...
Mon Apr 13, 2020, 01:19 PM
Apr 2020

That it's a skewed distribution just like in every bracket. The bottom end of the "1%" is somewhere in the $350k-$400k range. There are probably a lot more people there than in the >$1M range.

Two high end professionals could easily get into the "club", but if they have been working on a w-2 basis, they won't have seen huge increases in income year over year.

Not saying they are hurting, but when people say the "1%", they are usually thinking of the "0.1%".

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